Summit Care Profits Rise 34% in 4th Quarter

Summit Care Corp., a Burbank-based operator of nursing-care and retirement centers, said its fiscal fourth-quarter profit rose 34% from a year earlier on an 11% increase in revenue.

In the quarter that ended June 30, Summit Care’s net income climbed to $943,000 from $703,000 a year earlier, and its revenue rose to $18.6 million from $16.7 million. The company, which is 51% owned by Summit Health Ltd., attributed the gains to continued high occupancy levels and an expansion of its specialty medical services.

For its full fiscal year, Summit Care’s profit rose 30%, to $3.09 million from $2.37 million in fiscal 1991, and its annual revenue increased 14%, to $72.5 million from $63.4 million.